Total Demat Accounts in India — Latest Statistics

India’s demat account growth story is one of the most striking narratives in global retail investing — a country where stock market participation was historically limited to a small urban, affluent segment has, in the space of five years, added hundreds of millions of new investors. The post-pandemic surge, the democratisation of account opening through discount brokers and UPI-enabled fund transfers, and the proliferation of financial literacy through social media all converged to produce account addition numbers that few analysts had predicted even in optimistic scenarios.

Total Demat Accounts as of Early 2026

India’s total demat account count reached 216 million (21.6 crore) by the end of December 2025, according to data from CDSL and NSDL. In October 2025, the tally hit 210 million — at the time a record high — with CDSL accounting for 167.7 million accounts (16.77 crore) and NSDL holding 42.3 million accounts (4.23 crore). By November 2025, the combined count reached 21.28 crore, and by December 2025 closed at 21.6 crore (216 million).

Overall, demat accounts grew 17% in 2025 — a significant moderation from the 33% growth recorded in 2024. Approximately 30.6 million new demat accounts were added during the full year 2025, averaging 2.6 million new accounts per month. This slowdown was attributed to volatile equity markets throughout 2025, declining corporate earnings, and uncertainty surrounding global trade.

Active Demat Accounts vs Total Demat Accounts

Total demat account count includes all registered accounts — active, dormant, and zero-balance accounts that have never traded. Active demat accounts, which SEBI and the NSE define as accounts that have executed at least one transaction in the recent period, are a far smaller number. As of January 31, 2026, active demat accounts stood at 4,36,47,040 — approximately 4.36 crore (43.6 million). This means roughly 20% of all registered demat accounts are actually active, while approximately 80% are dormant, zero-balance, or inactive accounts that were opened during the post-pandemic surge and abandoned.

CDSL vs NSDL Market Share

CDSL (Central Depository Services Limited) dominates India’s demat account landscape by sheer account numbers — holding approximately 80% of all registered demat accounts as of late 2025. CDSL’s 16.77 crore accounts (167.7 million) dwarf NSDL’s 4.23 crore (42.3 million). This is partly because most discount brokers — Zerodha, Angel One, Groww, Upstox — are registered with CDSL, and these platforms drove the bulk of the new account opening surge from 2020 onwards.

NSDL retains the majority of institutional assets under custody despite having fewer retail accounts — its asset base is substantially larger relative to account count, reflecting its historical strength in institutional and high-net-worth investor segments.

Growth Timeline: How India Got to 21 Crore Demat Accounts

Geographic Distribution of Demat Accounts

Maharashtra leads all states with approximately 27.2 million (2.72 crore) demat accounts — representing about 14% of the national total. Uttar Pradesh is second with 18.7 million accounts, reflecting the impact of its large population and growing digital infrastructure. Gujarat ranks third with 17 million accounts, driven by its historically strong equity culture. The top five states — Maharashtra, Uttar Pradesh, Gujarat, Karnataka, and Delhi — collectively account for approximately 50% of all demat accounts, underscoring the persistent urban bias in equity participation.

Notably, states like Bihar and Jharkhand, historically associated with lower financial market penetration, now collectively hold tens of millions of accounts — evidence that mobile-first discount broker platforms have genuinely extended equity market reach into non-metro India.

Younger and Smaller-City Investors Driving Growth

Analysts tracking 2025 account opening data note a consistent demographic shift: investors under 30 from Tier-2 and Tier-3 cities account for a disproportionate share of new accounts. Platforms like Groww and Angel One — which optimised their UX for low-data-speed smartphones and simplified onboarding to under 10 minutes — have been the primary vehicles for this expansion. The SIP culture, where young investors start with systematic mutual fund investments before graduating to direct equity, has made demat accounts a natural step in a well-understood digital financial journey.

What 21 Crore Accounts Mean for Market Penetration

India’s population is approximately 1.43 billion. With 21.6 crore total demat accounts, approximately 8% of Indians hold a demat account — still dramatically lower than comparable ratios in the US (55%+), China (15%+), or South Korea (30%+). The headroom for continued growth remains enormous, and SEBI’s ongoing efforts to simplify KYC, improve investor education, and expand BSDA options for small investors all point toward continued expansion of this base through the next decade.

Frequently Asked Questions (FAQs)

Q1. How many total demat accounts are there in India as of 2026?

A: Approximately 21.6 crore (216 million) as of December 2025 — the most recent full-year figure. CDSL holds 16.77 crore and NSDL holds 4.23 crore.

Q2. How many active demat accounts are there in India?

A:  As of January 31, 2026, active demat accounts stood at approximately 4.36 crore (43.6 million) — about 20% of the total registered account count.

Q3. Which depository has more demat accounts — CDSL or NSDL?

A: CDSL dominates with approximately 80% of all registered demat accounts (16.77 crore) vs NSDL’s 4.23 crore.

Q4. By how much did total demat accounts grow in 2025?

A: 17% growth in 2025 — adding 30.6 million new accounts during the year — a moderation from 33% growth in 2024, attributed to volatile markets and muted equity returns.

Q5. What percentage of India’s population has a demat account?

A:  Approximately 8% of India’s population holds a demat account — significantly below developed market penetration rates, indicating substantial headroom for continued growth.